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Lawsuits and environmental cleanup cost are examples of Select one: a. leases. b. contingencies c....

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Accounting

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Lawsuits and environmental cleanup cost are examples of Select one: a. leases. b. contingencies c. off-balance-sheet financing. d. bonds. Mindz County Bank agrees to lend the Gunther Corporation $200,000 on January 1. Gunther Corporation signs a $200,000, 6%, 9-month note payable. The entry made by Gunther Corporation on January 1 to record the note is Select one: a. Debit Cash $200,000, Debit Interest Expense $9,000, Credit Notes Payable $200,000, Credit Interest Payable $9,000 b. Debit Cash $200,000, Debit Interest Expense $9,000, Credit Notes Payable $209,000 c. Debit Cash $200,000, Credit Notes Payable $200,000 d. Debit Interest Expense $9,000, Debit Cash $191,000, Credit Notes Payable $200,000 Which accounting principle necessitates the recording of depreciation? Select one: a. going concern principle. b. asset valuation principle. c. expense recognition (matching) principle. d. revenue recognition principle

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